The German government no longer plans to sell the state stake in the country's fourth largest bank in Commerzbank assets, the German financial agency said in a statement.
The decision was taken on September 20 by the interdepartmental coordination committee. "Commerzbank is a stable and profitable institution. Its strategy is aimed at ensuring self-confidence. The state will accompany this process in the future, keeping its share”, the announcement says.
The German government became the owner of part of the shares of Commerzbank as a result of the financial crisis of 2008-2009, when it provided more than EUR 18 billion to stabilize the business. On September 4, the authorities announced their intention to gradually sell the bank's shares. On September 11, the Financial Agency reported that the German government had sold a 4.49% stake in Commerzbank to the Italian group Unicredit, which now owns 9%. As a result of the transaction, the share of state participation in the bank decreased from 16.49% to 12%.
As noted by the DPA agency, the German authorities did not expect the Italians to acquire shares in the institute so quickly and in such quantities. Also, on September 12, Unicredit chief Andrea Orsel said the banking group was considering a full takeover of Commerzbank. The DPA links today's decision by the German government to no longer sell shares to Unicredit's actions.
At the end of June, according to the financial institute's own data, Commerzbank employed 38,700 people worldwide, including over 25,000 in Germany.